With effect from the start of the 2018 financial year, i.e. 1 March 2017, SARS has introduced a new section to the income tax act which states that interest will need to be charged on trust loan accounts. This section [...]
Most people know that transfer costs need to be paid when buying a property and everybody knows that NO transfer duty is payable for transactions below R900 000. Unfortunately, a lot of people confuse transfer costs and transfer duty in that they think it [...]
It is a common occurrence on many trusts that spouses either act as co-trustees, or one spouse acts as a trustee while the other is merely a beneficiary. These 2 scenarios share some similarities when it comes to the parties [...]
With the exception of the increased VAT rate from 1 April 2018, there were no major surprises, in my opinion. It's a fairly stable, "safe" budget. Points worth mentioning are listed below. VAT: Increase from 14% to 15%, effective 1 [...]
I received advice from a motivational speaker the other day about perceptions. He told us to test it. Then everybody at the presentation had to send their spouse the following text message: "I love you so much "just that, nothing [...]
When transacting on behalf of a Trust, it is imperative to familiarise yourself with and to take the following factors into account: 1. Are you a Trustee or an agent of a Trust? 2. What powers and duties do you [...]
"Every child is an artist. The problem is how to remain an artist once he grows up." - Pablo Picasso Thinking about people whom we deal with every day of our lives and situations, economic or political, makes me think of [...]
During the past 12 months, a lot has been speculated with regards to the findings by The Davis Tax Committee on trust loans and possible tax effects thereof. There have been many opinions published over the last year, and as [...]
Our CEO, Johannes Maree, wrote an article to illustrate an example regarding the section 13sex Residential Building Allowance - here it is. Before I get to the numbers, a recap of the requirements: 1. The residential unit must be new [...]
In my opinion, there were no major surprises or major alarm bells in this year's budget speech, duly delivered by our esteemed Minister of Finance, Mr Pravin Gordhan. The budget has been labelled "pro-poor, but not populist" by News24, and [...]